From buzzword to industry-disrupting technology, blockchain technology continues to a significant topic of interest around the world. Even with the current decline in the cryptocurrency market, major corporations still seem intent on investing in the emerging technology.
Blockchain Technology Isn’t Going Away
Writing for Forbes, Yoav Vilner says that the prevailing consensus is that blockchain technology isn’t going away any time soon. This assertion comes despite the current massive price drops that have seen cryptocurrencies sink to one-year lows across the board.
Since the creation of Bitcoin, other blockchains have emerged, targeting diverse areas of the global business process. Apart from financial applications, the technology is also finding utilization in areas like food traceability, renewable energy, and supply chain management to mention a few.
With such a wide array of adoption cases, it appears a massive cryptocurrency price drop isn’t enough to dampen enthusiasm among blockchain investors. According to Fortune, distributed ledger technology (DLT), as well as artificial intelligence (AI) and robotics, are the most prominent emerging technological trends.
Global Conglomerates Experimenting with Blockchain
It is, therefore, no surprise to find that DLT is becoming a significant point of interest for many large conglomerates around the world. Companies like IBM, Alibaba, Microsoft, Google, etc. seem to have caught the bug.
IBM has been one of the biggest investors in blockchain technology. Recently, Live Bitcoins News reported on the company extolling the many advantages of the technology in its latest patent application.
According to CNBC, the global DLT-based products and services market stands north of $700 million, and experts predict that it could go as high as $60 billion in less than a decade. Recently, AERGO, a blockchain startup, raised $30 million with venture capital giant Sequoia being one of its major backers.
Regulatory Acceptance
Perhaps one of the strongest positives for DLT is the widespread acceptance by governments and regulatory bodies. Where Bitcoin and other cryptocurrencies get negative rhetoric, blockchain technology has almost universal acclaim.
In China, for example, Beijing continues to encourage DLT applications despite the blanket ban on cryptocurrency trading and ICOs. A similar situation exists in India where Bitcoin is all but anathema, but state officials continue to talk up the potential of the emerging technology.
What do you think about more investments pouring into the blockchain technology arena? Let us know your thoughts in the comment section below.
Images courtesy of Shutterstock.